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According to a regulatory filing with the U.S. Securities and Exchange Commission, Fairfax Financial Holdings Ltd. has trimmed its holdings in BlackBerry Ltd. by 5.2 million shares,
In a quarterly filing with the U.S. regulator in February, the insurance and investment firm said it holds nearly 46.7 million shares or a roughly 8.9 per cent, down from nearly 51.9 million shares it held previously.
According to data compiled by Thomson Reuters, Fairfax is the second-largest shareholder in BlackBerry behind Primecap Management, which has a 10.4 per cent stake or nearly 54.9 million shares.
Fairfax led an investment group that injected $1 billion into BlackBerry last fall in a convertible debt financing deal, including $250 million US from Fairfax.
The company later doubled its investment with the purchase of an additional $250 million US earlier this year in BlackBerry convertible debt, which pays six per cent interest annually but can be converted into BlackBerry shares if they rise above $10 US.
BlackBerry has been making significant changes to its operations under the leadership of executive chair and chief executive John Chen.
In its most recent financial results, the company posted a first-quarter loss of $423 million US or 80 cents per share which, on an adjusted basis, was a smaller loss than analysts expected.
Chen aims to make Blackberry break even by the end of next February.
